Venezuela suspends oil exports to India

Venezuela has suspended its oil exports to India and views Russia and China as its main export destinations, the Azeri energy ministry said on Tuesday, citing Venezuela’s oil minister. The Azeri ministry issued the statement on Tuesday following talks in Baku between Azerbaijan’s energy minister and Venezuelan oil minister and president of state-run oil company PDVSA, Manuel Quevedo. The Indian market has been crucial for Venezuela’s economy because it has historically been the second-largest cash-paying customer for the OPEC country’s crude, behind the United States. Earlier this year, the United States imposed heavy sanctions on Venezuela’s oil industry and has pressed India to stop buying Venezuelan oil.